In the second transaction, the REIT got a new $19.5 million, 10-year mortgage loan carrying an interest rate of 6%. The funding is secured by Soundview Plaza, a 179,260-sf office building in Stamford, CT, acquired just last month by Mack-Cali.
"These transactions enhance our financial flexibility by providing us with funding at attractive rates and allowing us to lengthen our weighted average debt maturity profile from 4.1 to 4.6 years," according to Mack-Cali CEO Mitchell E. Hersh. "We remain committed to our strategy of maintaining as high level of unencumbered assets, which remains at 77% of our portfolio's square footage."
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